CoinFlip announces venture fund to boost Web3 development

Cryptocurrency ATM firm CoinFlip has announced a new fund venture set to boost the emerging Web3 ecosystem, according to a news release the fintech company shared on Wednesday.

The CoinFlip Ventures, which the Chicago-based crypto company will fund to a tune of $1 million, will seek to support start-ups and entrepreneurial teams across the Web3 space. 

Notably, the firm is looking to boost the efforts of university students and other underrepresented developer initiatives.

Startups in DeFi, NFTs to benefit

CoinFlip Ventures will support developer teams and projects focused on advancing growth within the decentralised finance (DeFi), NFTs and marketplaces and tokenisation.

Applicants need to have their projects at the pre-seed or early stage level. Such projects will either have a “prototype, service model or business plan, but [are] not yet profitable,” the company advised interested parties via the press release.

Successful applicants will receive financial help of up to $250,000 as well as industry insight, business advice and networking opportunities, including from CoinFlip’s executive team members.

“We’ve learned so much through trial and error since our founding and are honoured to pass along our knowledge and resources to startups we believe in,” CoinFlip founder Daniel Polotsky said in a statement.

CoinFlip is the largest cryptocurrency ATM operator in the world, with over 4,000 teller machines installed across 49 states. The company launched its operations in 2015 and has grown to include a Trade Desk that was announced in 2021.